RocketFuel Blockchain Inc (OTCQB:RKFL) said it expects to become profitable with projected annual recurring revenue (ARR) surpassing $5 million in October.
The company said that it grew its daily revenue by 20 times to approximately $8,500 and its daily transaction volume 15-fold from 200 a day to 3,000 a day during the second quarter of the calendar year, solidifying its position as a leading player in the payment solutions industry.
During July and August, RocketFuel said it saw growth accelerate further from newly introduced products and a steady increase in its client base.
"Growing revenue 20 times in less than three months is unparalleled in the industry and comparable companies are being valued at five to seven times their projected revenue,” RocketFuel CEO Peter Jensen said in a statement.
“With our current ARR at $3 million and a projected ARR of $8 million by the end of the 2024 financial year (March 31, 2024), we believe RocketFuel’s current valuation does not fully reflect the true value of our company.”
Meanwhile, the company reported a 660% year-over-year jump in annual revenue, posting revenue of $203,199 for fiscal 2023 (June 2022 to March 2023) compared to $30,504 for the previous financial year.
Revenue for the fourth quarter alone was $110,000, which the company said showcased its consistent growth trajectory.
“Doubling our revenue per quarter can be attributed to the growing number of customers who use crypto to pay for products with our merchants,” CEO Jensen said.
“Several of these customers are high-profile $1 billion-plus companies who have returned to buy additional products as we are expanding our product portfolio from one to four products.”
RocketFuel is a global payments solution company that provides online shoppers with a simple, easy-to-use, one-click checkout process that accepts payments with bank transfers, Bitcoin and more than 160 cryptocurrencies.
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